AgriCharts Market Commentary

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Corn Market Commentary

Corn futures are showing fractional losses in most contracts at midday. USDA reported a net cancellation of 200,588 MT of corn for 18/19 delivery to unknown destinations this morning. After the Monday close, USDA confirmed that 90% of the US corn crop is now harvested, slightly lagging the 93% average pace for this date. The average spot price for corn was reported at $3.30 1/4 by DTN on Monday, 22 cents higher than a year ago. Put against Dec that leaves the average basis at -32 cents, 4 3/4 cents stronger than last year. Ukraine’s Ag Ministry added 0.8 MMT to their 2018 corn crop estimate at 34.8 MMT, vs. the most recent USDA number of 33.5 MMT.

Dec 18 Corn is at $3.62, down 1/4 cent,

Mar 19 Corn is at $3.72 3/4, down 1/2 cent,

May 19 Corn is at $3.80 1/2, down 1/2 cent

Jul 19 Corn is at $3.87 1/4, down 1/2 cent

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures are posting 9 to 10 cent gains in the front months on Turnaround Tuesday. Front month soy meal is up $3.30/ton, with soy oil 4 points higher. A private export sale of 123,567 MT of 18/19 soybeans to unknown destinations was reported by the USDA this morning. Harvest progress was expected to be 92-93% complete ahead of the Crop Progress report. USDA indicated it was 91% completed in the 18 major states, still lagging the 96% average for this date. As of Monday evening, DTN showed the national average spot price for soybeans at $7.83 3/4. That puts the national average basis at -90 cents vs. nearby Jan, 13 1/4 cents weaker than a year ago. That is 16 cents firmer than the fall low on October 1.

Jan 19 Soybeans are at $8.83, up 9 1/4 cents,

Mar 19 Soybeans are at $8.96 3/4, up 9 1/4 cents,

May 19 Soybeans are at $9.10, up 9 1/4 cents,

Jul 19 Soybeans are at $9.22, up 9 cents,

Dec 18 Soybean Meal is at $308.80, up $3.30

Dec 18 Soybean Oil is at $27.36, up $0.04

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures are showing mixed trade in the CBT and MPLS contracts with KC mostly 2 to 4 cents lower. USDA will have another round of delayed Export Sales data this week due to the Thanksgiving Holiday. The market closes normal time on Wednesday and will open back up on Friday morning for a shortened session. US winter wheat planting was 93% completed as of Sunday, with the 5-year average pace at 97%. Emergence was at 81% vs. the normal pace of 88%. Condition ratings were up 2% to 56% gd/ex, with the Brugler500 5 points higher at 353. Japan is seeking 99,462 MT of wheat from the US and Canada in their weekly MOA tender closing on Thursday, with 64,000 MT sought from the US.

Dec 18 CBOT Wheat is at $4.99 1/4, up 3/4 cent,

Dec 18 KCBT Wheat is at $4.70 1/2, down 3 3/4 cents,

Dec 18 MGEX Wheat is at $5.70 1/2, down 1 cent

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle futures are down 20 to 35 cents in the nearby contracts in a Turnaround Tuesday fade. Feeder cattle futures are mixed with nearby Jan down 35 cents. The CME feeder cattle index was down $0.74 on November 16 at $147.09. Wholesale beef prices were mixed this morning. Choice boxes were up 77 cents at $214.16, with the Select cutout value a penny lower at $198.56. USDA estimated Monday FI cattle slaughter @ 119,000 head. That is 8,000 above the previous Monday but 2,000 below the same Monday in 2017. Trade surveys suggest the Cattle on Feed report (Wednesday) will show October placements UNCH vs. year ago. Published trade estimates range from 94% of October 2017 to 104.3%. Marketings are seen at 4.2% larger than last year. Wednesday’s FCE online auction has 459 head listed for sale.

Dec 18 Cattle are at $115.800, down $0.350,

Feb 19 Cattle are at $119.800, down $0.200,

Apr 19 Cattle are at $121.650, down $0.200,

Jan 19 Feeder Cattle are at $146.925, down $0.350

Mar 19 Feeder Cattle are at $144.425, up $0.100

Apr 19 Feeder Cattle are at $144.650, unch,

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

Lean Hog futures are posting $1.10 to $1.825 losses in the front months on Tuesday, as traders are taking money made over the past few days off the table ahead of the Holiday weekend. The CME Lean Hog Index was down another 59 cents from the previous day @ $58.51 on November 16. It is below December futures but does have a two day lag. The USDA pork carcass cutout value was down $2.37 on Tuesday morning at $66.44. All primal cuts were reported lower, with the belly down the sharpest, $7.66. The national base cash hog carcass value was 52 cents lower on Tuesday at a weighted average of $51.26. USDA’s Monday FI hog slaughter was 479,000 head, 18,000 more than the same Monday a year ago.

Dec 18 Hogs are at $59.225, down $1.800,

Feb 19 Hogs are at $67.200, down $1.825

Apr 19 Hogs are at $71.875, down $1.125

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures are trading 49 to 52 points lower in most contracts on Tuesday. Dec Futures hit the lowest price since mid-February this morning. The dollar is showing solid strength at midday. The Cotlook A index was again UNCH from the previous day on Nov 19 at 86.30 cents/lb. The weekly USDA AWP is 68.48 cents/lb, effective through Thursday. The Crop Progress report showed 59% of the acreage out of the field. That was up 5% from last week but still lags the average pace by 10 percentage points. Arkansas, Louisiana, and Missouri are the closest to being done. Texas still has 53% of the crop in the field, with the normal harvest pace at 56%.

Dec 18 Cotton is at 75.38, down 50 points,

Mar 19 Cotton is at 77.55, down 50 points

May 19 Cotton is at 78.8, down 52 points

Jul 19 Cotton is at 80.000, down 49 points

--provided by Brugler Marketing & Management

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353